Economist ran a "leader" (short opening article) on this topic last week:It is not just Detroit.

It summarizes the report written by economist William Yu in his column in L.A Times.Yu found out that based on records the current trend of home pricing is consistent with the historical norms.According to Yu, if one uses history as a guide, the cycle of housing prices in Los Angeles always lasts on average of about 12 years.

I believe by naysayers you mean the economists lol

As the great economist Fredrick Hayek said "All economic activity is carried out through time.

Hence the negative interest rates (something economists long thought practically impossible) in Europe.Interest rates are likely to be almost permanently (if you define that as say, the next 10-20 years) lower than historical norms.In addition to that, as of December 2014 US Household formation was at 2Million per year.

For the reasons that I will describe below many economists, tax theorists, politicians, and philosophers have strongly advocated for land taxation to be the dominant or sole source of taxation.

My professors warned the class despite my short term gains to avoid short term trades, diversify risk, etc.At that time I would actively trade high volatility stocks and also hold.It seems that even though economists know the market cycles, many are afraid to strike when the timing is right.That said, I primarily invest in real estate because I have an advantage: know market values, have marketing in place to find motivated sellers, and it is easy to determine returns based on rental income.  

As an economist, we like to call these "inferior goods" which  are demanded more when incomes fall.

I had an economist on my radio show recently that talked about business cycles and the next real estate downturn.

I am a big fan of the economist Gary Schilling.